SB1776 amends the Young Farmer Loan Guarantee Program to increase the maximum state guarantee per young farmer from $500,000 to $1,000,000.
SB1776 amends the Illinois Finance Authority Act to enhance the Young Farmer Loan Guarantee Program. It increases the maximum state guarantee per young farmer from $500,000 to $1,000,000. The program provides state guarantees to lenders for loans to finance or refinance debts of young farmers. To qualify, borrowers must pay a fee, provide acceptable collateral, and certify they are not delinquent on any debt. Lenders must assume responsibility for collecting delinquent loans and be at risk for the first 15% of the loan's principal.
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